chavon1
Level 1
12-07-2019
08:56 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
MFJ taxpayers have rented their former primary residence for the last 2.5 years. They would like to keep the home as a rental going forward, however they will lose their section 121 exemption at the end of this year. Can the taxpayers sell the home to an entity that they have ownership of (S. corp, LLC, etc.) to transfer basis and take advantage of the section 121 exclusion?
Best Answer Click here
Labels